The US economy gained 266,000 positions in November, far above expectations of 180,000.
The return of GM strikers to workers added fewer jobs than expected and revisions added 41K. Wage growth rose by only 0.2% monthly but surprised with 3.1% yearly. The unemployment rate dropped to 3.5% but it came on top of a drop in the participation rate.
The US dollar is rising across the board with EUR/USD falling to 1.1074. GBP/USD is down to 1.3121, and USD/JPY is above 108.80.
Follow all the Non-Farm Payrolls updates live
Here is how the move looks on the EUR/USD chart:
Non-Farm Payrolls figures
- Non-Farm Payrolls: 266K, expected 180K, previous 128K
- Average Hourly Earnings (YoY): 3.1%, expected 3%, previous 3%
- Average Hourly Earnings (MoM): 0.2%, expected 0.3%, previous 0.2%
- Revisions: +41,000, previous 95,000
- Unemployment Rate: 3.5%, expected 3.6%, previous 3.6%
- Participation Rate: 63.2%, expected 63.3%, previous 63.3%
- U-6 Underemployment Rate: 6.9%, previous 7%
- Average Workweek: 34.4, expected 34.4%, previous 34.4
November Non-Farm Payrolls background
ADP's Employment Change report for the private sector badly disappointed with an increase of 67,000. On the other hand, the employment component of the ISM Non-Manufacturing PMI indicated elevated hiring.
The NFP feeds into the last Federal Reserve decision of the year, due on December 11. The Fed is set to leave rates unchanged but may provide hints toward the next moves.
See Fed Preview: Is the bar higher for hiking? Powell's may down the dollar, three things to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended content
Editors’ Picks
AUD/USD holds above 0.6800 despite stronger US Dollar, eyes on RBA Minutes
The AUD/USD pair recovers some lost ground to near 0.6805, snapping the two-day losing streak during the early Asian session on Monday. The stronger-than-expected US September employment data provide some support to Greenbank and drag the major pair lower.
EUR/USD: US Dollar soars with upbeat employment data, inflation comes next
The EUR/USD pair kick-started October with a weak note, plummeting to 1.0958 on Friday following an upbeat surprise from United States employment figures. As a result, the US Dollar advanced amid decreasing bets on another Federal Reserve aggressive interest rate cut after encouraging US macroeconomic data.
Gold loses momentum to near $2,650 on renewed US dollar demand
Gold price trades in negative territory for the fourth consecutive day near $2,650 on Monday during the early Asian session. The further upside in the US Dollar after the upbeat US Nonfarm Payrolls on Friday exerts some selling pressure on the yellow metal.
Week ahead: What are the financial markets watching this week
Aside from geopolitical risk, this week’s macro drivers include the US CPI inflation report, the Federal Open Market Committee meeting minutes, and the Reserve Bank of New Zealand’s rate announcement.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.